Germany: economic impact of coronavirus this year to be easier than expected




The German government expects the economic impact of coronavirus this year to be easier than expected, Bloomberg reported August 31, citing a source in the government.





The German government will revise its forecast of gross domestic product for 2020 to a decline of less than 6%. The report says it will also revise its growth forecast for the next year.

Activity in Europe's largest economy has recovered sharply from a collapse in the second quarter, and German companies have been a little more optimistic this month that the economy will continue its long road to recovery.

Chancellor Angela Merkel's ruling coalition predicted in April that the economy would shrink by 6.3 percent in 2020, the worst recession since the country began recovering from World War II but will recover with a 5.2 percent growth next year.

Economy Minister Peter Altmaier is to present new forecasts on Tuesday, September 1 at 11 a.m. local time in Berlin. However, Finance Minister Olaf Scholz said he did not expect the gross domestic product to reach pre-crisis levels before the end of 2021.





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TAGS: GERMANY, ECONOMY, COVID-19

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